Valley has 40,481 vacant single-family homes, data show

The 6,000 “zombie foreclosures” are just a subset of the estimated 40,481 vacant single-family homes in the Las Vegas Valley, said Marcus Conklin, associate director of the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas.

A fourth-quarter report from the Lied Institute calculated a vacancy rate of 8.4 percent on 482,272 single-family housing units in the valley. Las Vegas also has 16,542 empty condominiums, or 20.6 percent of total inventory, and 5,137 vacant townhouses, or 12.2 percent of total inventory.

Among those vacancies are the “zombie foreclosures” identified by Irvine, Calif.-based RealtyTrac as vacant or abandoned homes in some stage of foreclosure. Roughly half of the foreclosure inventory in Las Vegas is vacant, the online listing service reported.

Comparing “zombie foreclosures” to other vacant homes in Las Vegas is like comparing apples to oranges, Conklin said. The U.S. Census Bureau puts the fourth-quarter vacancy rate at 1.9 percent for owner-occupied housing and 8.7 percent for rental housing.

Seasonal vacancy is around 2 percent nationwide, and Las Vegas is probably higher, Conklin said.

“That’s homes where they don’t live here all year,” he said. “I can tell you from walking Sun City Summerlin, particularly in the summer and fall, I saw a lot of vacant homes.”

The Lied Institute’s report takes an aggregate look at vacant homes. Those would include homes in transition between renters, homes of people who’ve temporarily moved out for renovations, homes belonging to “snowbirds” and second-home owners, and homes that are in foreclosure but haven’t been scheduled for trustee sale.

Luis Lopez, a Lied Institute data analyst, said vacancy has decreased from 10.5 percent, or 50,337 homes, in fourth quarter 2011. That’s a positive sign, he said.

“It just seems closer to the natural rate,” Lopez said.

The Lied report showed 1,662 building permits issued in the fourth quarter, compared with 968 in fourth quarter 2011. There were 1,443 single-family permits, 173 multifamily permits and 46 commercial permits in the quarter.

Available inventory on the MLS fell to 14,601 from 16,944 in the year-ago period; median list price climbed to $145,000 from $139,900.

The absorption rate, calculated by dividing the number of listings at the end of the month by the number of sales, was 4.93 in December, compared with 5.86 in July. The absorption rate suggest the market has months of supply if no more inventory is added and sales volume remains constant.

The ratio of new listings to sales dropped to 0.73 in December from 1.21 in July.

Apartment vacancy was reported at 9.8 percent for 161,529 units, with average rent of $742 a month.

FEWER SUBDIVISIONS

The number of actively selling new-home subdivisions in the Las Vegas Valley has dwindled to about 140, down from 190 a year ago and from 400 during the peak of the housing boom, said Geoff Gorman, vice president of sales for Harmony Homes.

Even with reduced residential development, new-home sales in Las Vegas have trended upward with 512 closings in January, a 138 percent increase from the same month a year earlier, research firm SalesTraq reported.

“There are fewer communities producing more sales, and last year was actually pretty good for us,” Gorman said. “You’ve got fewer hands trying to get a piece of the pie.”

Las Vegas-based Harmony Homes is finishing site work for its newest development, Silhouette, in the southwestern valley. It’s set to open at the end of this month.

COMMERCIAL DEFAULTS

The largest commercial mortgage default in February was $21.5 million for a 99,000-square-foot professional building at 400 S. Fourth St. in downtown Las Vegas. The owner of record is NNN City Centre Place; the original beneficiary is LaSalle Bank.

Also, Hayden Housing defaulted on an $11.5 million loan with Column Financial for a 252-unit apartment property at 2125 Las Vegas Blvd South.

Nevada Title Co. reported 23 notices of default filed for commercial properties in February, with a total loan amount exceeding $72.7 million.

TRAVELODGE SOLD

The 106-room Travelodge Ambassador Strip Inn has been sold to a private investor for $3.3 million, or about $31,000 a room, said Evan Griffith, an investment specialist for Marcus & Millichap in Las Vegas who had the exclusive listing.

“As the market continues to recover, investors are focusing on properties that have an irreplaceable infill location,” Griffith said. “This property sits within walking distance to the Strip, as well as easy access to McCarran International Airport.”

The two-story hotel was built in 1988 and sits on 1.57 acres at 5075 Koval Lane. It has 88 double-queen rooms, 17 king rooms and a honeymoon suite.

BANK AWARD

Bank of Nevada won the Financial Institution of the Year award from the Southern Nevada chapter of National Association of Industrial and Office Properties. The bank, founded in 1994, has financed $115 in commercial real estate projects in Southern Nevada with term loans and construction loans.

Term loans include $31 million for office, $15 million for retail and $9 million for industrial. Construction-related projects are broken down as $52.8 million for office, $1.58 million for retail and $5.7 million for industrial.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

ad-high_impact_4
Business
MGM Grand Plans To Add Retail And Dining To Its Strip Facade
MGM Grand President and Chief Operating Officer Scott Sibella said executives are “discussing redeveloping that entire frontage of the building out to the Las Vegas Strip.” (Todd Prince/Las Vegas Review-Journal)
Boyd Gaming planning new corporate campus
Casino operator Boyd Gaming Corp. has filed plans to build a new corporate campus. The plans call for two 10-story office buildings and a six-level parking garage in the southwest Las Vegas Valley. Boyd Gaming operates The Orleans, the Suncoast, downtown's California Hotel and other properties. The new headquarters would be just a mile from its current main office building.
Bellagio Conservatory transformed to celebrate Year of the Pig
The Bellagio Conservatory Team transformed the 14,000 square foot conservatory to commemorate Chinese New Year, the holiday that marks the end of the coldest days of winter. (Rachel Aston/Las Vegas Review-Journal)
CES 2019: Intro uses sound to connect people
Intro, a startup that is part of the Future Worlds Accelerator in the UK, has an app that uses ultrasonic sound to find people and companies nearby.
CES 2019 Video: CES wraps up another year
Time-lapse video of the action at CES 2019 in Las Vegas. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Create your own beauty products
Beauty Mix by BeautyByMe is a product that lets you create your own cosmetics and beauty products. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Picobrew’s home brew machine
Picobrew brings automation to homebrewing. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Surviving CES
What it's like to spend four days working the mammoth tech convention. (Jason Bracelin/Las Vegas Review-Journal)
Haier’s smart home
Haier presented smart home technology at CES 2019.
CES 2019 VIDEO: Foldimate makes laundry day easy
Foldimate has created a machine that will fold your laundry for you. Just feed it anything you need folded and it will do the rest. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Opte device corrects skin spots
Opte from Proctor and Gamble is a device for correcting spots and freckles from skin. It analyzes the area for spots and then covers them with a serum of matching skin tone. (Mat Luschek/Las Vegas Review-Journal)
Circa hotel-casino in downtown Las Vegas unveiled
Derek Stevens reveals Circa hotel-casino in downtown Las Vegas. He plans open by the end of 2020. (K.M Cannon/Las Vegas Review-Journal)
Circa, new casino coming to Fremont Street
Casino owner Derek Stevens announces his new property Circa, coming to Fremont Street in downtown Las Vegas in late 2020. (Michael Quine/Las Vegas Review-Journal)
Dreenk My Oeno makes wine suggestions
At CES 2019 in Las Vegas, the Dreenk My Oeno tells you all about wine.
Polaroid One Step Plus camera unveiled at CES 2019
Polaroid has moved into the digital age with its One Step Plus camera with Bluetooth. With the connected app, it turns your smartphone into a remote for the camera, along with filters and features.
Amazon is everywhere at CES 2019 in Las Vegas
Seemingly everything works with Amazon Alexa
LG Smart Mirror helps you dress snazzy
LG’s Smart Mirror is less of a mirror but more of an assistant to help get you looking snazzy. It takes your image and recommends clothes for you or matches existing clothes with new clothes, which can be purchased right from the mirror. (Mat Luschek/Las Vegas Review-Journal)
Underwater robots make waves at CES 2019 in Las Vegas
Robosea is a company dedicated to underwater robotics. They produce consumer robots for underwater filming as well as commercial products which can be used for underwater research. (Mat Luschek/Las Vegas Review-Journal)
CES 2019 - Victrola record players spin in Las Vegas
A new spin on an old favorite, Victrola record players are meeting a demand for retro products. The brand is also making furnitures with built-in speakers.
CES 2019: Slamtec robots ready to serve
Slamtec is a robotics company out of China whose goal is to provide solutions for laser localization mapping and navigation. They have created two autonomous robots that can be used in areas such as bars, restaurants and malls. (Mat Luschek/Las Vegas Review-Journal)
Mixologiq drink maker appears at CES 2019 in Las Vegas.
This is the Mixologiq drink maker.
CES 2019: Veritable smart garden
Let’s face it; not all of us have green thumbs. And herbs are particularly difficult to grow, considering their constant need for sunshine. Enter the Veritable smart garden from Exky, which does it all for you. (Heidi Knapp Rinella/Las Vegas Review-Journal)
Bonnie Springs Ranch near Las Vegas being sold to developer
Bonnie Springs Ranch near Las Vegas is being sold to a developer, set to close in March. Bonnie Springs, west of Las Vegas off State Route 159 — next to Spring Mountain Ranch State Park — spans more than 60 acres and was on the market for $31 million. The developer and his project partner are under contract to buy the ranch and plan to chop it up mostly into custom-home lots. The plans includes a 25-room motel, a restaurant and a 5,400-square-foot event barn.
Bone-conduction headphones form Aftershokz
Aftershokz offers bone-conduction headphones - headphones that don’t go in the ear.
CES Happy Hour party at Hangover Suite at Caesars Palace
Conventioneers mingled during the Hardware Massive CES 2019 Happy Hour Bash at The Hangover Suite at Caesars Palace in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Autonomous Cars and Futuristic Aircraft Rule CES
Day two of CES was dominated by autonomous cars and futuristic aircraft in the North Hall of the Las Vegas Convention Center.
TekNekSavr fights neck problems caused by smart phones
Atiya Syverson invented the TekNekSavr to help fight neck and head problems caused by strains while typing on smart phones. (Mat Luschek/Las Vegas Review-Journal)
New eyeglasses know if you fall and call for help
The French company Abeye has created eye glasses that will detect if the wearer falls and call for help. (Mat Luschek/Las Vegas Review-Journal)
Company that creates vibrator-like device claims genders bias against CES
Lora DiCarlo is a women-run start-up that creates a vibrator-like device designed for female pleasure called the Osé. This year they were awarded the CES Innovation Award in the Robotics and Drone Category, but a month later the Consumer Technology Association, which runs CES, rescinded the award and their booth. Haddock and her team believe it is a reflection of gender bias and sexism in an industry with a long history of male domination.
CES-Wagz has new pet products
Wagz has three new products to help create better lives for your pets in a digital world. One is a collar with LTE tracking and an HD camera. Also a smart pet door that only lets your pet in and out. Lastly, a device to humanely keep Fluffy out of certain areas of your home. (Mat Luschek/Las Vegas Review-Journal)
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like